So you’ve enjoyed a new product idea, but what do you do next? Thousands of new releases are launched each year nevertheless the journey from concept to promote is not as effortless or as straightforward as it appears. Many individuals believe that there must be hundreds of people just waiting to give inventors bucket loads of money to develop the next big thing, but in reality it’s not quite like that.
But it’s its not all bad news. You will find Invent Help Inventors, like the dragons on Dragon’s Den, and also several investor funds which support inventors with new ideas. In addition there are companies who license new ideas from individuals and small businesses. However they are serious business men and they demand a genuine business proposition not just a back of an envelope sketch before they part of their hard earned cash. So how do you start turning your idea in to a viable, investable concept that will impress industry or investors?
Well, in all likelihood your funds will likely be limited compared to exactly what a company may put money into new product development. And, even if your funds aren’t limited, you should probably minimise the money you devote upfront until genuine commercial interest has been established. So what is minimum requirement to turn your idea right into a viable commercial proposition? Well basically you will have to answer three questions before having the ability to sell your idea or gain investment:
1. Is definitely the idea protectable?
No company will license your idea, nor will a venture capitalist back it, unless it can be protected to avoid almost every other company producing the same product. You also don’t wish to risk your idea being taken by way of a potential licensee or investor and thus protecting the thought is important.
In light of the last point, it is recommended to protect the idea yourself before presenting to potentially interested parties. A confidentiality agreement, a worldwide patent search, patent pending status along with a registered design application are all potentially essential elements to protecting your idea. Professional advice, from Product Patent, concerning how to protect your unique idea is easily the most sensible route to select this. (Begin to see the links after this post.)
2. Will it work?
In some instances the answer to this inquiry is a straightforward yes, but in some instances you will need to prove that the brainwave is achievable. The simplest way to answer this query is in order to present a working prototype. The prototype lacks to appear attractive – it just must prove the functionality. If funds don’t stretch to some prototype, then the feasibility report detailing a completely independent viewpoint coming from a qualified professional on the viability of the idea may need to suffice. Always ensure a confidentiality agreement is in place before revealing your idea to anyone whatsoever, besides Chartered Patent Attorneys.
3. Will anyone purchase it?
This is actually the hardest question to answer. After you have proved your idea works, if necessary, and sorted out adequate protection you might be in a strong position to start answering this inquiry. As seen on Dragon’s Den, the very best response to this inquiry is to have letter of intent that state a retailer or distributor is ready to buy x quantity of your product or service at x price. The way to achieve a letter of intent would be to present your idea to as much different buyers as is possible. The issue is that retailers and distributors will be needing a lot more than your rough sketch, patent application or working model. They need to astounded by the concept and instantly see it’s potential. To achieve this you will probably require a product sell sheet.
An item sell sheet highlights the primary features and benefits of your own idea and includes images of your own product as chances are it will look once it has been manufactured. You may need a professional product designer to either sketch and present your concept or ideally develop a 3D model using computer aided design (CAD) and render it to check like the last product.
Then you should get your product facing potential customers. Trade shows, face-to-face meetings, and direct mailings are common ways to approach industry representatives. An excellent sell sheet can do a lot of the talking to suit your needs, so don’t be nervous.
The item is really a device that suits inside the boot of a car to hold equipment. (Any further detail than this is still confidential at this time.)
The first step ended up being to conduct a worldwide patent search to ensure patenting was an option. The search came back relativity clear and so the idea was developed to make sure it had been possible using a product designer within a confidentiality agreement. Once developed adequately using CAD, a patent was drafted and filed by way of a Patent Attorney. The CAD model was then used to make a product sell sheet that was given to Halfords among other retailers. Halfords wrote a letter of intent to have an initial batch of the thousand units.
The inventor now had: patent pending on his idea; a worldwide patent search indicating the patent was apt to be granted; an impressive sell sheet describing the Patent An Invention and a letter of intent. He now had everything he needed ndefzr secure investment to manufacture his product and set up his own company. Alternatively he might have used these power tools to pursue to licensing deal with an item manufacturer.
In summary, your task is just to spark the interest of the potential licensee or investor who can ensure that your idea enables you to a profit. To do this you need to answer three main questions: is it protectable, will it work and definately will anyone purchase it. Professional help is going to be required, probably, to answer these questions nevertheless the process described in this article need to keep these fees as low as possible while maximising your probability of success.